Category

Local Tax

2023 statistical and tax returns filing

Early Preparation for 2023 Statistical and Tax Returns Filing

Ensure a seamless 2023 statistical and tax returns filing with OpenHub Consulting Ltd. Discover expert guidance for early preparation, new deadlines, and stress-free compliance. Your financial peace of mind starts here!

Open-end investment companies in Cameroon

Open-end investment companies

Open-end investment firms, known as SICAVs (Société d'Investissement à Capital Variable), are financial structures pooling funds from investors for diversified portfolio investments like stocks, bonds, or other instruments. Offering unlimited shares, SICAVs offer liquidity and risk diversification, while being subject to regulatory oversight for investor protection. These companies are tax-exempt in Cameroon.

mutual investment funds

Mutual investment funds

Mutual investment funds pool capital from numerous investors and offer access to professionally managed, diversified investment portfolios. They have varying objectives like capital appreciation and income generation, detailed in the prospectus. Managed by professionals, mutual funds issue, redeem units as per investor interest and follow robust risk management practices. They're subjected to regulatory oversight for investor protection and transparency. Interestingly, they are exempted from paying company tax in Cameroon.

Cooperative societies in Cameroon

Cooperative societies

Cooperative societies are voluntary associations that promote the economic and social well-being of their members by pooling resources and undertaking collective activities. Key features include democratic control, active member benefit, limited return on capital, and emphasis on education and training. These cooperatives operate across various sectors and can increase bargaining power, improve resource access, and promote sustainable practices. Cooperatives' structure and benefits are subject to local regulations, such as tax exemptions in Cameroon. Assistance is readily available for those interested in forming or participating in cooperatives.

mutual credit funds in cameroon

Mutual credit funds

Mutual credit funds are member-owned cooperatives providing financial services such as savings, loans, and more. They differ from traditional banks as they are not-for-profit, prioritizing members' financial needs over profits. Membership is open to individuals or businesses meeting specific eligibility criteria. These funds promote financial inclusion, local lending, and community development while being regulated by the relevant financial authorities.

A non-profit private education establishment in Cameroon

Non-profit private education establishment

Non-profit private education establishments are institutions primarily focused on providing quality education rather than making profits. Privately owned by non-profit organizations, religious groups, or community entities, they encompass a variety of institutions from schools to universities. They rely on multiple funding sources including tuition, donations, and government grants. These institutions often offer a more personalized educational experience with greater flexibility in curriculum and teaching methods compared to public schools, despite charging tuition fees.

taxable profits

Company Taxation in Cameroon: Determining Taxable Profits and Operating Criteria

The law provides criteria, such as having a headquarters, permanent establishment, or dependent representative in Cameroon, to determine if a business is operating in the country.

Tax Exemptions in Cameroon

Tax Exemptions for Newly Created Companies and Sole Proprietor Businesses

Newly created companies and sole proprietor businesses are exempt from a business license tax for their first year of operation, per the General Tax Code. However, they are not exempt from income tax. There are specific provisions allowing flexibility in reporting initial financial statements and calendar considerations for tax payments. Companies must understand these obligations and consult with tax professionals for clarity.

platform ticket taxes

Platform Ticket Taxes in Cameroon

Learn about platform ticket taxes in Cameroon, including the rates, payment procedures, and consequences of non-compliance. Discover how this tax contributes to the maintenance and management of bus stations and landing stages. Stay informed to fulfill your tax obligations and avoid penalties.

Parking Lot Taxes in Cameroon

Taxes for the Occupation of Parking Lots in Cameroon

Learn about the taxation of parking lots in Cameroon, including rates, payment procedures, and compliance requirements. Understand the relevant sections of the General Tax Code and ensure you fulfill your obligations to avoid penalties. Stay informed and contribute to the maintenance of parking facilities in the country.